BRUSSELS, BELGIUM, March 22, 2023 (GLOBE NEWSWIRE) --
Prostheses and orthoses enable people with physical impairments or functional limitations to live a healthy, productive, and independent life. Prosthetic products include artificial lower and upper limbs, liners, and related products for amputees while bracing & supports products are primarily used to support joints and other body parts for osteoarthritis patients and those with sports injuries.
Role of Orthotics in Reducing Foot & Ankle Pain Drives the Global Prosthetics and Orthotics Market
Orthoses are used primarily to control, stabilize or immobilize a joint. It can be used as fixed or mobile support, depending on the treatment plan to address various symptoms of pain and discomfort in the feet and legs such as correcting foot deformities, providing support to the ankle, reducing risks of further injuries, and helping the foot or ankle function better.
Technological Advancements and Developments in Prosthetics and Orthotics Triggers the Growth of the Prosthetics and Orthotics Market
Innovative solutions and developments in this field improve the quality of life of amputees and those suffering from neurological diseases such as stroke, spinal cord injury, and multiple sclerosis. Further, technological advancements in the orthopedic field such as the 3D printing of implants and the introduction of bionic technology, and sensor technology in prosthetic limbs offer an unprecedented growth opportunity in the global prosthetics and orthotics market.
For instance,
- In July 2022, WillowWood company announced the launch of its META Shock X, the third high-activity prosthetic foot from the META family.
- In March 2022, Hanger Clinic announced that its proprietary AmpuShield limb protector has received an innovative technology contract from Vizient, Inc., the nation’s largest member-driven healthcare performance improvement company.
Growing Trend Towards 3D Printed Prosthetics, Sensitive Limb-Based Products & Brain-Controlled Prosthetics is Boosting the Growth of the Prosthetics and Orthotics Market
Prosthetic technologies have advanced considerably to include lightweight running legs and more responsive legs and feet, allowing for more effective navigation. The future trend towards building more sensitive limb-based products and brain-controlled prosthetics with the advent of neuroprosthetics. Many of these technologies are still in development and could take many years before the most advanced prosthetics reach the global prosthetics and orthotics market. Some of the latest trends include 3D printing, sensitive limbs, brain-controlled prosthetics, and passive prosthetics devices.
North America is Expected to Hold a Larger Market Share in the Prosthetics and Orthotics Market
From a geographical perspective, North America holds a larger market share in the global prosthetics and orthotics market. This can be mainly attributed to the growing number of sports injuries and road accidents, an increasing number of diabetes-related amputations, technological advancements in prosthetics & orthotics devices, and better healthcare coverage in the region.
Competitive Landscape Analysis: Prosthetics and Orthotics Market
Some of the well-established players operating in the global prosthetics and orthotics market are Ossur, Ottobock Healthcare GmbH, Blatchford Inc., and Hanger, Inc., among others.
Organic and Inorganic Growth Strategies Adopted by the Key Market Players to Establish Their Foothold in the Prosthetics and Orthotics Market
All leading players operating in the prosthetics and orthotics market are adopting both organic and inorganic growth strategies such as collaborations, acquisitions, and new product launches to garner a higher market share. For instance,
- In January 2023, WillowWood Global LLC announced that they have formed a strategic alliance with Reboocon Bionics B.V., the inventor and manufacturer of the motorized prosthetic knee, INTUY Knee.
- In December 2022, Adapttech entered into a partnership with Alfred to distribute its prosthetic fitting solutions to the Nordic market.
Get Detailed Insights on Prosthetics and Orthotics Market Report with a Sample Redacted Deck @ https://meditechinsights.com/prosthetics-and-orthotics-market/
About Medi-Tech Insights:
Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have completed 100+ projects in Digital Health, Healthcare IT, Medical Technology, Medical Devices & Pharma Services.
Contact Us:
Ruta Halde
Associate, Medi-Tech Insights
+32 498 86 80 79
info@meditechinsights.com
https://meditechinsights.com/
Attachment
